MATIC Price Surges More Than 6%, Is It Finally A Trend Change?
October 19 2022 - 12:00AM
NEWSBTC
MATIC price has witnessed a rally as the coin almost appreciated by
7% over the last 24 hours. MATIC (Polygon) had been trying hard to
move past its immediate trading session for a while, and now it has
finally been able to do that. It is, however, too early to call
this a trend change. The bulls have to trade above the current
price mark in order to move past the $0.90 price ceiling. A move
above the $0.93 mark will further strengthen the bulls in the
market. The technical outlook of MATIC has moved from bearish
territory to a bullish one. Buyers have taken over the market, as
seen in the indicators. If consistent buying strength is present,
then a rally to the $0.93 level can be possible. In case buyers
fade over the next trading sessions, MATIC price can slump
considerably and trade around the $0.70 price mark. If demand
remains high, the trip to the $1 cannot be completely ruled out.
MATIC Price Analysis: One-Day Chart Polygon (MATIC) was trading at
$0.86 at press time. After weeks of consolidation, the bulls
finally managed to push the price of the asset north. MATIC’s
immediate resistance stood at $0.90. If demand remains consistent,
the MATIC price may test the aforementioned price level in the
coming trading sessions. Once the asset reaches the $0.90 mark, its
next stop could be at $0.93. Only if MATIC is able to break past
the $0.90 level could the bulls aim for $1 as well. A trend
reversal can happen if MATIC moves past the overhead price ceiling.
On the other hand, a fall from the current price mark will bring
MATIC down to $0.77. This level would again strengthen the bears.
The amount of MATIC traded fell in the last session, pointing
towards a fall in selling pressure. Technical Analysis The 7%
appreciation over the last 24 hours brought back buyers into the
market, as seen in the technical indicators. The Relative Strength
Index shot up from beneath the half-line and was above the 60-mark,
which is considered bullish as buyers dominate the market. MATIC
price was also above the 20-SMA line, indicating that there was an
increase in demand for the coin. MATIC above the 20-SMA meant that
buyers were driving the price momentum in the market. Related
Reading: Ethereum Shaves Off A Quarter Of Its Price As Whales Dump
$4 Billion In ETH The asset also displayed a buy signal which means
that MATIC might register further gains in the next trading
sessions. Awesome Oscillator indicates the current price trend and
momentum of the asset. AO turned green and above the half-line
which could be considered a buy signal on the chart. Chaikin Money
Flow depicts the capital inflows and outflows of the asset. CMF was
positive as the indicator was seen above the half-line, displaying
that the asset had registered more capital inflows compared to
outflows at the time of writing. Related Reading: Polygon (MATIC)
Eyes $1 After Successful Breakout; Will Bulls Push For A Retest?
Featured image from Trading Education, Chart: TradingView.com
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